A prominent cryptocurrency whale, renowned for its profitable trading exploits with Pepe (PEPE) tokens on Binance, encountered a severe setback in its latest venture, losing nearly $1 million in value.
SpotOnChain data reveals that the whale, identified by the address 0xa54, made a substantial deposit of the last 3 trillion PEPE tokens on Binance, amounting to a staggering $3.5 million investment. This deposit took place on August 2 and 5, with each token purchased at an average price of $0.000001194.
Prior to this transaction, the whale had previously deposited tokens on July 23 and 24, securing them at an average price of $0.000001409 per token. However, the value of PEPE tokens witnessed a precipitous decline since then, reaching an all-time low of $0.000001142 as of August 5. If the whale were to sell all its holdings at the current market price, the loss incurred would amount to a staggering $988,000.
This downturn stands in stark contrast to the whale’s initial success on Binance between June 27 and July 14, during which it skillfully traded 3.9 trillion PEPE tokens, amassing an impressive $673,000 in profits, equivalent to a remarkable 10.6% return on its original investment.
Taken together, the two trading cycles have resulted in an estimated loss of approximately $314,800 for the cryptocurrency whale. These fluctuations serve as a poignant reminder of the volatile nature of the cryptocurrency market, where significant gains can quickly give way to substantial losses.
*Not investment advice.
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